IBM manager Jetter seen in lead to become Deutsche Boerse chairman: source

FILE PHOTO: IBM's Martin Jetter presents German Chancellor Angela Merkel a silicon wafer during their visit to the CeBIT computer fair in the northern German town of Hanover March 4, 2008. REUTERS/Hannibal Hanschke

FRANKFURT (Reuters) - IBM manager Martin Jetter has emerged as the leading candidate to become next Deutsche Boerse chairman after Joachim Faber’s expected departure in 2020, a source familiar with the matter said.

Jetter joined the stock market operator’s supervisory board in May and could replace Faber, who wants to find a successor by the end of next year, the source said.

Faber had initially been expected to step down at the next annual shareholder meeting in May next year following criticism of his handling of an insider trading scandal but now aims to stay on for another year, the source added.

Deutsche Boerse declined to comment, Jetter and his employer IBM were not immediately available for comment.

No decision on the next chairman is imminent, the source said, adding that bringing in an external candidate was also still an option.

Former Bundesbank director Joachim Nagel, currently executive board member at German state bank KfW, is also considered a potential successor to Faber, people close to the matter have said in the past.

Faber, formerly finance head of insurer Allianz, has said that he would not insist on serving another full three-year term, after investors said he should pave the way for a successor after Chief Executive Carsten Kengeter stepped down in 2017 amid an insider trading probe.